All Forum Posts by: Jay Malaviya

You will need to honor the existing lease, no changes can be made until the lease has expired. You will need the deposits and a copy of the existing lease.

Hi Eliott, yes I have those and am fine with the terms too. I'm concerned if something happens down the road, I won't have application (SSN and such) - how would I go about it?

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Quote from @Randy Rodenhouse:

Do you want to make sure you get a copy of the lease and read it over to make sure there is nothing in there that you don't like (i.e. can rent it for 10 years without rent increases or something crazy like that). You also want to get the security deposit from the seller. Also get an estoppel letter from the tenant. The tenant estoppel should have the start date of the lease, current rent amount, the current deposit amount, all occupants, any pets or pet restrictions, who pays what utilities, etc. I would get the original applications and contact info. I would also give the tenant a letter and let them know there is a new owner or new property manager, tell them where to send or direct deposit their rent each month.

Thank you, Randy! It makes sense. I'm fine with the terms, the only piece I'm concerned about is not having an application and thus the SSN in case something happens down the road.

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I have recently bought a duplex with 1 unit being occupied. Any suggestions on how I inherit the tenant's lease? Since he did not apply for a lease with me, I do not have a background check, SSN, or credit report.

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Quote from @Eliott Elias:

What happens when your tenant can not make enough to keep up with your payments? Where does that leave you? If you're going to allow this, your tenant should have a arbitrage track record.

Great point! The timeliness of rent payments hasn't been an issue in the past. It's just liability I'm afraid of. If something major happens, I won't have visibility on anything.

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Appreciate it, Nathan! That's what my first thought was. Although, they have been living there for a while (on the same rent) without any issues in terms of rent payments so wanted to get a second opinion. The biggest thing I'm afraid of is the liability if something happens.

1 Vote

Hi BP community,

One of my tenant is living on property for more than a couple of years and never had the rent review. Recently I proposed rent increase (below market in good faith and relationship) to which he proposed if he can do rental arbitrage for certain time of the year he would be fine with the rent increase.

If any of you have experience with this, please share thoughts.

Thanks in advance

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I am looking at a potential duplex in Tremont Cleveland. Property is fully renovated. Since Tremont is A class neighborhood, just wondering if it’s easy to get tenants there.

Any insight?

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Investment Info:

Single-family residence buy & hold investment in The Villages.

Purchase price: $198,000
Cash invested: $70,000

one-story 3-bedroom / 2-bathroom / 2 car garage house nestled in the Green Ridge North subdivision.

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@Kevin Romines thanks much Kevin! This is very helpful.

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Hi @Fred Shatzoff yes I am aware of it. My only concern with commercial loan is that interest rate is very high and loan term is short so we can’t get positive cash flow.

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All Forum Posts by: Jay Malaviya

Jay Malaviya has started 7 posts and replied 20 times.

Post: How to inherit a tenant after buying a property?

Post: How to inherit a tenant after buying a property?

Post: How to inherit a tenant after buying a property?

Post: Is rental arbitrage a good bet?

Post: Is rental arbitrage a good bet?

Post: Is rental arbitrage a good bet?

Post: Is Tremont(Cleveland) good area to invest in rental property?

Post: First Real Estate Investment

Post: Loan options for multifamily

Post: Loan options for multifamily